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How to Reduce the Cost of Your Payroll with Paycards

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Paycards are the solution to reducing the cost of your payroll. By switching to 100% direct deposit with SOLE Financial, your company can save time and money while also helping make the world a better place. There are numerous benefits to a paperless payroll including cutting the costs associated with paper checks and protecting your company against fraud and escheatment.

UNNECESSARY FEES ARE… UNNECESSARY

Paper check costs may not be the first thing you think of when trying to reduce your payroll expenses, but they should be. According to NACHA, the average cost of one paper check to an employer is $3.15, which can add up quickly when you consider the number of employees who receive paper checks and how frequently you distribute them. By implementing the SOLE Paycard program, fees associated with paper checks disappear completely, which can reduce your payroll costs by thousands each year.

Did you know: Some states allow employers to authorize full deployment of direct deposit. See what your state's paycard compliance laws are!

SIGNED, SEALED, DELIVERED? 

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Often times employees who are receiving paper checks are at the mercy of the mailman or the weather man. In the event of a logistics breakdown, inclement weather, or a natural disaster, your company may be forced to overnight checks to employees, at $18.30 per check, to prevent late pay. Implementing the SOLE Paycard allows your unbanked employees to participate in direct deposit without having a traditional bank account by electronically receiving wages onto their SOLE Paycard. Additionally, the SOLE Paycard program seamlessly integrates with some of the most popular payroll software, which means your company has even less to worry about on payday.  

PROTECT WHAT’S YOURS

While companies should trust the people they hire, employers who hand out paper checks are disseminating their company’s routing and account information to all their employees. This is an outdated and unnecessary risk. Paycards eliminate the possibility of check fraud and allow employers to keep their company routing and account information private – the way it should be.   

ESCHEATMENT WOES

Ever have an employee not cash a check or not pick up their check? Of course you have. Escheatment laws require that these unclaimed wages must sit in a state fund where employees can claim them for a certain number of years (which differs state to state). Employers must make sure they are doing their due diligence to get employees their checks. With the SOLE Paycard, employee wages are directly deposited onto their paycard, leaving no chance for escheatment to happen to your company. 

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